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18 <br /> property. Payments in lieu of ad valorem taxes as provided <br /> herein shall be made to Landlord and to any municipality in which <br /> the Premises is located on or before December 31, 1998 and <br /> December 31 of each year thereafter during the Term. Tenant <br /> agrees that the valuation of the Premises shall be made by <br /> Landlord's Tax Assessor according to the Schedule of Values <br /> adopted by Landlord from time to time and that the determination <br /> of the true value in money of the Premises shall be made by <br /> Landlord's Tax Assessor. <br /> Tenant may, at its expense, in good faith, contest any such <br /> taxes, assessments and other charges and, in the event of any <br /> such contest, may pay the taxes, assessments or other charges <br /> under protest during the period of such contest and any appeal <br /> therefrom. To the extent that enforcement of the payment of any <br /> such taxes, assessments and other charges in the event of any <br /> contest are legally stayed during the period of such contest, <br /> such taxes, assessments and other charges may remain unpaid <br /> during the period of such contest and any appeal therefrom. <br /> 6. Insurance Required. During the Term, Tenant shall keep <br /> the Premises continuously insured against such risks as are <br /> customarily insured against by businesses of like size and type, <br /> paying as the same become due all premiums in respect thereto, <br /> including but not necessarily limited to (i) insurance to the <br /> extent of the full insurable value of any improvements located on <br /> the Premises against loss thereto from or damaged by vandalism, <br /> fire and flood, with the deductible amount not exceeding $25,000, <br /> with uniform standard extended coverage endorsement limited only <br /> as may be provided in the standard form of extended coverage <br /> endorsement at the time in use in North Carolina, and (ii) <br /> insurance against liability for injuries to or death of any <br /> person or damage to or loss of property arising out of or in any <br /> way relating to the condition of the Premises or any portion <br /> thereof, in the minimum amount of a combined single limit of $1 <br /> million for death of or personal injury to any one person and for <br /> all personal injuries and deaths resulting from any one accident <br /> and for property damage in any one accident. Landlord, its <br /> officers and employees, shall be named as additional insureds in <br /> the insurance contracts providing for liability insurance. <br /> In the event of a loss, the net proceeds of the extended <br /> coverage insurance shall be received by Tenant and shall be paid <br /> and applied as provided in Paragraph 7, relating to damage, <br /> destruction and condemnation. All insurance required in this <br /> Lease shall be taken out and maintained in generally recognized, <br /> responsible insurance companies qualified to do business in the <br /> State of North Carolina selected by Tenant. All policies <br /> evidencing such insurance shall provide for payment to Tenant and <br /> Landlord as their respective interests may appear. A certificate <br /> or certificates of the insurers that such insurance is in force <br /> and effect shall be delivered to Landlord. Prior to the <br /> expiration of any such policy, Tenant shall furnish Landlord with <br /> evidence satisfactory to Landlord that 'the policy has been <br /> 8 <br />